You make most of your money in a bear market; you just don’t realize it at the time. -Famed value investor Shelby Davis. The COVID19 induced market panic led to the quickest Bear Market (loosely defined as a drop of… Read More

AMM First Quarter 2020 Client Letter A few years ago we attended the Chartered Financial Analyst (CFA) Society’s annual forecast dinner in San Diego. Attendees were a group of mostly professional analysts charged each year with the task of predicting… Read More

AMM 4th Quarter 2019 Client Letter Investing is by default a boring exercise. Buying a stock and checking the share price 4 times a day to see how much money you are making (or not) might be fun, but it’s… Read More

AMM Second Quarter 2019 Client Letter Anyone who has even casually sought investment advice has likely heard the adage “invest for the long-term”. It’s probably the most commonly dispensed piece of investment advice – right up there with “don’t put… Read More

AMM First Quarter 2019 Client Letter The 4th quarter of 2018 saw one of the largest jumps in volatility in years. The reasons for the volatility are now widely “known”. Political uncertainty, trade uncertainty, fears of a policy error by… Read More

AMM Third Quarter Client Letter: Over the last few years, no topic seems to have garnered as much interest and concern in the financial world than the specter of rising interest rates. For good reason, since interest rates affect everything… Read More

Download AMM’s Q2 2018 Client Letter Life’s but a walking shadow, a poor player that struts and frets his hour upon the stage and is heard no more. It is a tale told by an idiot, full of sound and… Read More

Download the AMM Q1 2018 Client Letter There is a saying attributed to Mark Twain that goes “History doesn’t repeat itself, but it often rhymes.” Just as there is a business and economic cycle represented by expansion and contraction, there… Read More